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Author:Hetzel, Robert L. 

Journal Article
German monetary history in the first half of the twentieth century

Economic Quarterly , Issue Win , Pages 1-35

Journal Article
Opinion: Milton Friedman and liberty

Econ Focus , Volume 11 , Issue Win , Pages 64

Journal Article
Indexed bonds as an aid to monetary policy

A measure of the publics expectation of inflation would assist the Fed in formulating monetary policy. In order to create such a measure, the U.S. Treasury could issue its debt in two forms: standard debt and debt indexed for inflation. The difference in yield on these two forms of debt would measure the publics expectation of inflation.
Economic Review , Volume 78 , Issue Jan , Pages 13-23

Working Paper
Monetary policy in the early 1980's

A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are discussed in this paper for the period of October 1979 to December 1983. Particular attention is paid to the choice by the Fed of the funds rate or the money supply as its primary policy variable. It is contended that the operating procedures adopted in October 1979 contributed to the cyclical behavior of ...
Working Paper , Paper 84-01

Journal Article
M2 and monetary policy

Consistent with its mandate in the Humphrey-Hawkins Act of 1978, the Federal Reserve System each year sets a calendar-year target for the monetary aggregate M2. This paper examines the effect of specifying the M2 target as a multiyear trend line and concludes that an operationally significant target for M2 in the form of a trend line that rises at three percent per year will eliminate inflation.
Economic Review , Volume 75 , Issue Sep , Pages 14-29

Working Paper
Allan Meltzer: How He Underestimated His Own Contribution to the Modern Concept of a Central Bank

In his great work A History of the Federal Reserve System, vol. 1, Allan Meltzer contended that monetary policymakers in the Depression simply ignored the quantity theoretic prescriptions that would have prevented contractionary monetary policy. Practically, he was arguing that the Fed should have accepted the responsibilities for economic stabilization now taken for granted with the modern concept of a central bank. In reality, decades of monetarist criticism had to pass before the Fed accepted both responsibility for the behavior of the price level and economic stabilization. In effect, ...
Working Paper , Paper 18-2

Journal Article
A primer on the importance of the money supply

An abstract for this article is not available
Economic Review , Volume 63 , Issue Sep , Pages 3-13

Journal Article
How do central banks control inflation?

Economic Quarterly , Volume 90 , Issue Sum , Pages 46-63

Working Paper
A Comparison of Greece and Germany: Lessons for the Eurozone?

During the Great Recession and its aftermath, the economic performance of Greece and Germany diverged sharply with persistent high unemployment in Greece and low unemployment in Germany. A common explanation for this divergence is the assumption of an unsustainable level of debt in Greece in the years after the formation of the Eurozone while Germany maintained fiscal discipline. This paper reviews the experience of Greece and Germany since the creation of the Eurozone. The review points to the importance of monetary factors, especially the intensification of the recession in Greece starting ...
Working Paper , Paper 15-4

Working Paper
ECB monetary policy in the recession: a New Keynesian (old monetarist) critique

Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.
Working Paper , Paper 13-07



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